UK SMALLCAP ROUNDUP: Connaught Secures GBP15M Overdraft

29th Jul 2010 09:30

Dow Jones smallcap news is now on Twitter, allowing you to catch up on the news away from your desk. Go to http://twitter.com/DJ_UK_Smallcaps CONNAUGHT PLC (CNT.LN) Thursday said it has agreed terms on a GBP15 million short-term overdraft with its lenders, as well as the deferral of interest and principal payments due on its existing facilities in July and August. Connaught, which offers services such as compliance, social housing and environmental support services, warned Monday it will breach its banking covenants and its year-end net debt will be "significantly in excess" of the GBP120 million it forecast less than a month ago, saying it urgently needed cash. At 0805 GMT, shares +4.01 pence, or 13%, at 35.01 pence. ANTISOMA PLC (ASM.LN), a biotechnology company, reported a wider loss for the last fiscal year and said it expects to publish data from its two most advanced drug programs in the first half of 2011. AS1413 and AS1411 are both being tested as treatments for a type of blood cancer. At 0805 GMT, shares -0.01 pence, or 0.2%, at 5.5 pence. RANK GROUP PLC (RNK.LN) posted a surge in first-half pretax profit as it attracted more customers to its bingo and casino halls and said it has continued to grow comparable sales in each of its businesses so far in the new fiscal year. At 0805 GMT, shares +5.8 pence, or 5.3%, at 115 pence. COLLINS STEWART PLC (CLST.LN) is targeting a dozen fundraising deals in the second half, Chief Executive Mark Brown said, around double the amount of deals it carried out in the first half. "We do have a pipeline of deals for the second half, and it's looking better than the first half," he said. "It's now a question of whether we can execute it." At 0806 GMT, shares -1.75 pence, or 2.3%, at 73.25 pence. LONRHO PLC (LONR.LN), an Africa-focused conglomerate, said fiscal third-quarter revenue increased 45% on year, aided by bumper income at a port used by oil majors searching for oil in the deep waters off the West African coast. At 0806 GMT, shares -0.75 pence, or 6.3%, at 11.25 pence. A.G. BARR PLC (BAG.LN), a soft drinks maker, said it expects its full-year result to top current management expectations, following a strong first half in which it expects to grow sales 13% on last year, although it expects tougher trading in its second half. At 0807 GMT, shares +5 pence, or 0.4%, at 1,191 pence. TRINITY MIRROR PLC (TNI.LN) posted a jump in first-half pretax profit as it benefited from cost cuts and said it is optimistic about full-year prospects based on more cost-savings and stablizing revenue. The publisher of titles such as the Daily Mirror and the People said it expects the rate of revenue decline to slow further during the second half, although it continues to expect month-on-month volatility. At 0807 GMT, shares +7.25 pence, or 9.6%, at 83 pence. ACAL PLC (ACL.LN), which sells components to manufacturers of electronics for aerospace, industrial and defense customers, said sales were up 20% and orders increased 29% during the first quarter of its fiscal year, as bumper sales at its electronics unit offset a weaker performance at its non-electronics business. At 0807 GMT, shares flat at 182.5 pence. HUTCHISON CHINA MEDITECH LTD. (HCM.LN) reported a narrower net loss for the first six months of 2010, aided by rising sales of its medicines and consumer products in China. At 0807 GMT, shares -11 pence, or 3.2%, at 334 pence. LEGION GROUP PLC (LGNG.LN) said it is in talks about selling the business in order to pay a tax bill, pay its creditors and retain some value for shareholders. The security services company said if talks are unsuccessful it may have to enter administration. The company requested trading in its shares be suspended. At 0808 GMT, shares suspended at 0.78 pence. RPS GROUP PLC (RPS.LN), a land, property and infrastructure consultancy, raised its interim dividend 15% despite a fall in first-half pretax profit, saying its board believes a modest improvement in the second half is achievable and its balance sheet is strong. At 0808 GMT, shares -4.5 pence, or 2.3%, at 188.1 pence. PARAGON GROUP OF COS. PLC (PAG.LN), a buy-to-let lender, said it is still in talks with wholesale lenders with the aim of restarting lending, and that its third-quarter financial performance was strong. At 0808 GMT, shares +0.1 pence, or 0.1%, at 136.3 pence. FINSBURY FOOD GROUP PLC (FIF.LN), a cake and bread maker, said fiscal 2010 revenue fell 4.1% on the year as recession-weary shoppers traded down to cheaper special-offer products. At 0809 GMT, shares +0.5 pence, or 2.9%, at 18 pence. DJ UK Smaller Cos +0.1% AIM +0.07% -By Rachael Gormley, Jason Douglas & Hannah Benjamin, Dow Jones Newswires; +44 (0) 20 7842 9272; [email protected] (END) Dow Jones Newswires July 29, 2010 04:30 ET (08:30 GMT)